Anxiously awaiting to hear if any additional news will be
forthcoming from the meeting today.
They certainly prefaced the meeting appropriately with this PR...
Regards,
Jim
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Thursday July 5, 7:52 am Eastern Time
Press Release
Paradigm Advanced Technologies Secures $11.8 Million Financings and Commitment
TORONTO--(BUSINESS WIRE)--July 5, 2001--Paradigm Advanced Technologies, Inc. (OTCBB:PRAV - news; powerloc.com), announced today that it raised over $1.8 million in private financings over the past three months and has secured a $10 million equity financing facility with an investment group, which includes a number of existing shareholders.
This equity financing facility is conditional on the effectiveness of a registration statement that the Company will file with the Securities and Exchange Commission. The equity financing facility allows the Company to sell, at its discretion, up to $10 million worth of common shares of Paradigm's stock to the investor group over the next two years. These common shares will be sold at a discount to market price at the time of sale. The investor has agreed to a no net-shorting provision.
In addition, Paradigm also announces that it is arranging for separate purchase order and receivables financing in order to finance the fulfillment of its orders.
"The company is growing at a vary rapid pace. We continue to receive orders for our Destinator product, which we just introduced and which is now attracting considerable attention from customers and dealers, worldwide. We continue to receive orders and ship our L-BIZ(TM) Mobile Units and Trackers, and we recently installed our L-BIZ(TM) Tracker Solution at RACO Industries, one of our main customers. I am very pleased that we have now secured the financing necessary to facilitate this accelerated growth," said Paradigm's President and Chief Executive Officer, Eduardo Guendelman.
"We will use this financing to fund our sales, production, marketing, development and licensing efforts to follow our aggressive growth-oriented plan," said Paradigm's Executive Vice President and Chief Financial Officer, Selwyn Wener. "The growth in the telematics, mobile commerce and location services industries is rapidly outpacing the original estimates and we strongly believe that we have the right products, technologies and intellectual property rights to be a major player in these industries."
In addition, Paradigm announced that it will discuss at its Annual General Meeting taking place at 10:00 a.m. (EDT) today:
• The shipment and installation of its first fully functional Tracker system with RACO Industries Inc.;
• The shipment of production quantities of Tracker devices to various domestic and international customers;
• The launch of its Destinator 1.07 product;
• Receipt of orders for its Destinator product that have exceeded initial corporate projections;
• Receipt of new Purchase Orders for the purchase of Tracker System and Mobile Units;
• The introduction of three new members of the Paradigm/PowerLOC executive team: Moise Benedid, Vice President Operations, Ron Yekutiel, General Manager of GPSoft, a wholly owned subsidiary of Paradigm, and R. Charles (Chuck) Allen, Vice President and General Counsel;
and...
• The introduction of strategic European and South American initiatives.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy common stock of Paradigm.
ABOUT PARADIGM ADVANCED TECHNOLOGIES, INC.
Paradigm Advanced Technologies, Inc. provides a full range of wireless location tracking technology solutions to service providers in the telematics, GPS, M-business and L-solutions markets. Paradigm's servers, software and devices locate, track, communicate with and manage vehicles and other assets. Paradigm owns the exclusive licensing rights to a broad-based wireless location patent (US Patent No. B1 5,043,736) covering the apparatus and method of transmitting position information from satellite navigational signals (like GPS) over cellular systems to a base unit, and displaying the location of an object so equipped. Paradigm's ownership covers all fields of use for the patented system, excluding criminal justice applications. Paradigm wholly owns PowerLOC Technologies, Inc. For further information on Paradigm and PowerLOC, visit powerloc.com or call (905) 764-3701 ext. 229.
Paradigm is also listed on the Frankfurt Stock Exchange - symbol - PG8.
This press release contains forward-looking statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Paradigm Advanced Technologies, Inc., and its business. The predictions embodied in these statements will involve risks and uncertainties and accordingly, Paradigm's actual results may differ significantly from the results discussed or implied in such forward-looking statements.
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Contact:
Paradigm Advanced Technologies, Inc.
Selwyn Wener, 905/764-3701
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